Description

Syntax

Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The ACCRINT function syntax has the following arguments:

Issue Required. The security's issue date.

First_interest Required. The security's first interest date.

Settlement Required. The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

Calc_method Optional. A logical value that specifies the way to calculate the total accrued interest when the date of settlement is later than the date of first_interest. A value of TRUE (1) returns the total accrued interest from issue to settlement. A value of FALSE (0) returns the accrued interest from first_interest to settlement. If you do not enter the argument, it defaults to TRUE.

Remarks

Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.

Issue, first_interest, settlement, frequency, and basis are truncated to integers.

If issue, first_interest, or settlement is not a valid date, ACCRINT returns the #VALUE! error value.

If rate ≤ 0 or if par ≤ 0, ACCRINT returns the #NUM! error value.

If frequency is any number other than 1, 2, or 4, ACCRINT returns the #NUM! error value.

If basis < 0 or if basis > 4, ACCRINT returns the #NUM! error value.

If issue ≥ settlement, ACCRINT returns the #NUM! error value.

ACCRINT is calculated as follows:

where:

Ai = number of accrued days for the ith quasi-coupon period within odd period.

NC = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number.

NLi = normal length in days of the quasi-coupon period within odd period.

Example

Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

Data

Description

39508

Issue date

39691

First interest date

39569

Settlement date

0.1

Coupon rate

1000

Par value

2

Frequency is semiannual (see above)

0

30/360 basis (see above)

Formula

Description

Result

=ACCRINT(A2,A3,A4,A5,A6,A7,A8)

Accrued interest for a treasury bond with the terms above.

16.666667

=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A8,FALSE)

Accrued interest with the terms above, except the issue date is March 5, 2008.

15.555556

=ACCRINT(DATE(2008, 4, 5), A3, A4, A5, A6, A7, A8, TRUE)

Accrued interest with the terms above, except the issue date is April 5, 2008, and the accrued interest is calculated from the first_interest to settlement.